New Years celebrations worth £2.6billion to UK economy

British revellers plan to spend a combined £360 million more than on a regular night out

Britons celebrating New Years Eve are set to spend approximately £2.6 billion, nearly £360 million more than on a regular Friday or Saturday evening out.

A survey of 2,000 Brits conducted by discount website Voucherbox.co.uk showed that 82% plan on celebrating the New Year, compared to 70% of the population who identify themselves as regular weekend revellers.

The average amount people expect to be spend on the big night is close to £50 – at £49.66 – more than the usual estimated expenditure of £46.19 on a regular night, but with a larger proportion of the population getting their party on for New Year’s Eve the boost to the economy is significant.

The vast majority (65%) of those celebrating New Year’s Eve plan to do so either at home or a friends house, with 17% planning on venturing out to a bar or nightclub. Those staying in still splash the cash on new outfits and food and drink to mark the special occasion whilst those heading out to party face higher entry charges and taxi fees, in addition to hiked food and drinks costs at restaurants, bars and clubs.

In 2014, 31 million Brits said they were celebrating New Years Eve indoors and this figure is closely matched to 2015’s expectancy, with 33.1 million UK adults aiming to celebrate at home.

Meanwhile, the demographic most likely to go to a bar or nightclub are 18-24 year olds, with just over 30% expecting to do so. However they are also one of the age groups planning on spending the least amount of money, at £45.68 per person, just behind those who are over 55, who expect to spend £43 each.

The survey also revealed that those in the Northwest of England are expected to spend the most per head on New Year’s Eve, at a grand total of £59.85, whilst people in Northern Ireland usually spend the most on a Friday or Saturday night out, at £56.90. The Northern Irish were also the most likely to spend New Years celebrating indoors or at a friend’s, with 75% stating they would go for that option. Those in Yorkshire and the Humber were the most likely to go venture out to a bar or nightclub, with 25% of them saying they would do so.

New Year celebrations can be notoriously expensive affairs. Examples of prices for this year’s offerings include the Edinburgh Hogmanay Street Party, costing £25, Kisstory NYE at London’s O2 costing £42.50 general admission, and New Years Eve at the Albert Hall, Manchester, with tickets starting at £29.50. For those with a bigger budget a New Year’s Eve dinner at The Savoy Hotel in London, including a gourmet five-course set menu, costs £350 per person.

UK Country Manager for Voucherbox Shane Forster commented, “Although a large percentage of Brits are planning to celebrate the beginning of 2016, it seems a vast majority are looking to do this in a cost effective way. Brits are well aware of the usual price-hikes in entry fees and drinks costs at New Years Eve celebrations and it seems many are combatting this by opting to party indoors. Nonetheless it’s still a big night for most people and all the partying only seems to be good for the economy as a whole.”

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